Anyway to keep the house?

SWS_2

We are seriously considering bankruptcy we have over £102k of unsecured debt, it is only the house that is stopping us. Without the debt we could easily afford the mortgages on the property I would say we had about £25k equity at most in the property. We are already on a dmp but more and more of our creditors are refusing to accept this now after a year or so. I cannot cope with the constant harrasment have seriously considered other options and am on antidepressants, it is affecting our marriage and our jobs. Is there anyway we could save our home? I have already spoken to the Council and there is no way we would be given any council accommodation should we go bankrupt, renting would incur credit checks so where would we live? I am sure others have been through such problems and your advice would be gratefully received. This is all getting too much, I can't think of the next 10 years being like this with the constant cloud over me, is there anyway out?

RAS

SWS

This is not my area, but it can be quiet on a Friday night.

You need to sort a few things out.

How much of the debt is yours, how much is OHs' and how much is joint? If one of you can Bk then it may be easier.

You might have £25K, but is there any redemption penalty on the mortgage? or any secured credit. If so there may not be a lot of point in selling it after the fees are added, and the other party might be able to buy out the beneficial interest from the OR.

betterlatethannever

SWS what a terrible situation to be in.
I'm afraid i am no help on this subject, but i'm sure Rich or Rog ( or anyone for that matter!)will be along shortly and help you out loads.
The first thing you really need to do is contact one of the free agencies, listed below that will help you deal with this issue. Them, along with the help you'll get from here will be a tremendous support for you in the coming months.

Professional, free and impartial advice on debt problems can be obtained from several charitable organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart.
You can contact:
Your local CAB Office and ask to speak to a 'money advisor'.
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823.
or visit
http://www.cccs.co.uk/
http://www.nationaldebtline.co.uk/
http://www.citizensadvice.org.uk/index.htm

betterlatethannever

Ohh as a footnote to above, renting privately is difficult when a BR but NOT impossible! firstly though lets see if theres anything that can be done to keep your own home before we go into that..
Good luck

Richard_S

Hi SWS,

Can you give us a breakdown of the debt and some more detail?

1. Debt in your name only

2. Debt in your O.H's name only

3. Joint debt (that doesn't include a credit card in one name with the other as a cardholder) excuding the mortgage.

4. Do you have any other family members who have contributed to the upkeep of the house?

5. Did you buy the house together or was one of you living there before you met?

6. Did anybodyy (usually family or close friend) lend you the monet for the deposit?

As for the effect on your relationship; just hold one another close; look into each others eyes and admit that your're equally to blame; look back at the fun you've had and promise each other that you're not going to let something as insignificant as a debt problem ruin your future together.

Laugh and cry; rant and rave, curse and swear, but don't, under any circumstances get the debt thing out of proportion.

It can be resolved, maybe not just as you'd prefer, but there is life after this sort of mess; I know for certain because we've been where you are at the moment.

Richard